The vendors of the home we are looking to purchase have appointed a conveyancing solicitor in Gravesend who has insisted on a exclusivity agreement with a down payment 10k. Are such contracts recommended for Gravesend conveyancing transactions?
Lock out contracts are contracts between a home vendor and purchaser giving the buyer exclusive rights to purchase the premises for a certain period of time. Essentially, a lock out agreement is a contract specifying that you will receive a contract at a later time being the main conveyancing contract. It tends to be used for buyer assurance though in many situations, the owner may stand to benefit from such agreements as well. There are various pros and cons to having them but you need to check with your conveyancer but beware that it may end up costing you extra in conveyancing charges. In light of these reasons these contracts are unusual in relation to conveyancing in Gravesend.
It is is a decade since I bought my home in Gravesend. Conveyancing lawyers have recently been instructed on the sale but I am unable to track down my title deeds. Is this a problem?
Don’t worry too much. First there is a chance that the deeds will be retained by the mortgage company or they may stored with the lawyers who acted in your purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. Almost all conveyancing in Gravesend relates to registered property but in the unlikely event that your home is not registered it is more problematic but is resolvable.
How do I check that the solicitor conducting my conveyancing in Gravesend is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Barclays thus paying £192.00 in further legal costs.
Please do take advantage of the search tool on this site. Pick the mortgage company and type ‘Gravesend’ or your preferred area and you will be presented with numerous conveyancers based in Gravesend or nearest you.
Will our conveyancer be raising enquiries about flooding as part of the conveyancing in Gravesend.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Gravesend. Plenty of people will purchase a property in Gravesend, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, but there are a numerous checks that may be initiated by the buyer or on a buyer’s behalf which can figure out the risks in Gravesend. The standard property information forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the owner to discover whether the property has historically flooded. In the event that flooding has previously occurred and is not revealed by the vendor, then a buyer could commence a compensation claim as a result of such an misleading response. The buyer’s lawyers should also commission an enviro search. This will reveal if there is a recorded flood risk. If so, more detailed inquiries should be conducted.
I am purchasing a new build house in Gravesend with a loan from TSB. The sellers would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep suggested that I not inform my solicitor about the side-deal as it may jeopardize my loan with TSB. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Estate agents have just been given the go-ahead to market my ground floor apartment in Gravesend. Conveyancing is yet to be initiated, however I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the maintenance contribution as you normally would as all ground rent and service payments will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I purchased a basement flat in Gravesend, conveyancing was carried out in 2011. How much will my lease extension cost? Comparable flats in Gravesend with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 2086
You have 66 years left to run the likely cost is going to range between £12,400 and £14,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.